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Re: Note Purchase Agreement, dated September 5, 2008

Note Purchase Agreement

Re:          Note Purchase Agreement, dated September 5, 2008 | Document Parties: XPLORE TECHNOLOGIES CORP You are currently viewing:
This Note Purchase Agreement involves

XPLORE TECHNOLOGIES CORP

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Title: Re: Note Purchase Agreement, dated September 5, 2008
Governing Law: New York     Date: 3/5/2009
Industry: Computer Hardware     Sector: Technology

Re:          Note Purchase Agreement, dated September 5, 2008, Parties: xplore technologies corp
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Exhibit 10.4

 

XPLORE TECHNOLOGIES CORP.

14000 Summit Drive, Suite 900

Austin, TX 78728

 

February 27, 2009

 

Philip S. Sassower

Phoenix Venture Fund LLC

110 East 59 th  Street, Suite 1901

New York, NY 10022

 

Re:          Note Purchase Agreement, dated September 5, 2008

 

Gentlemen,

 

Reference is made to that certain Note Purchase Agreement, dated September 5, 2008, by and among Xplore Technologies Corp. (the “ Parent ”), Xplore Technologies Corporation of America (the “ Subsidiary ” and collectively with the Parent, the “ Borrowers ”) and the Purchasers listed on Schedule I and Schedule II thereto (the “ Note Purchase Agreement ”), the promissory notes issued in connection therewith by the Borrowers to the Purchasers (the “ Notes ”) and the warrants issued in connection therewith by the Parent to the Purchasers (the “ Warrants ”).  Any capitalized terms used but not otherwise defined herein shall have the same meanings ascribed to such terms in the Agreement.

 

The parties hereto hereby agree as follows:

 

1.             The Note Purchase Agreement is amended to extend the Maturity Date of each of the Notes to December 31, 2010.

 

2.             Section 9 (Certain Definitions) of the Note Purchase Agreement is hereby amended by deleting in its entirety the definition of Maturity Date and inserting in lieu thereof the following definition:

 

Maturity Date ” shall mean, with respect to any Note, December 31, 2010.

 

3.             Section 1 of each Note is hereby amended to extend the Maturity Date (as defined therein) to December 31, 2010.

 

4.             The Note Purchase Agreement is amended to reduce the Warrant Exercise Price to the lower of (i) $0.10 per share, or (ii) the volume weighted average trading price of the Company’s Common Stock for the 5 trading days prior to February 27, 2009.

 

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